基础油市场 - 全球产业规模、份额、趋势、竞争格局、机会及预测（按原料、类型、应用、最终用途、地区和竞争情况划分，2021-2031年）

全球基础油市场预计将从 2025 年的 228.5 亿美元成长到 2031 年的 316.3 亿美元，年复合成长率为 5.57%。

作为润滑油製造中不可或缺的流体介质，基础油是添加剂的主要载体，确保引擎和工业设备的顺畅运作。市场成长的主要驱动力是汽车产业和重工业应用领域对高性能润滑油日益增长的需求。新兴市场持续的工业化过程进一步推动了这一需求，在这些市场中，机械维护对于减少磨损和摩擦至关重要。根据中国汽车工业协会的数据，预计2024年中国汽车累计产量将达到3,128万辆，显示对直接支撑基油消耗的汽车润滑油的需求强劲。

儘管有这些正面趋势，但由于原油价格波动（原油是矿物基础油的主要原料），该产业仍面临重大挑战。原油价格波动导致生产成本难以预测，并常常挤压炼油商和调配商的利润空间。此外，全球向电动车的快速转型对传统市场的成长构成长期风险，因为电动车无需使用目前占据市场大部分需求的内燃机油。同时，旨在减少碳排放的监管要求正迫使该产业转型，这可能会限制传统矿物油基产品的未来成长潜力。

市场驱动因素

对高性能汽车润滑油日益增长的需求正在重塑全球基础油市场格局。汽车製造商需要先进的润滑油来满足燃油经济性标准并保护现代涡轮增压引擎。这项需求推动了高价值的II类和III类基础油的普及，与标准矿物油相比，这些基础油具有更优异的热稳定性。对于主要生产商而言，这项转型至关重要，他们正在调整产品组合，转向利润率更高的产品。例如，埃克森美孚在其2025年12月发布的《公司计画更新》中预测，到2030年，包括高性能润滑油在内的高价值产品将占其产品解决方案部门收入成长的40%以上，凸显了其对先进流体技术的战略重点。

同时，新兴经济体的快速工业化和基础设施扩张是推动重型油压油和齿轮油需求成长的关键因素，尤其是在采矿和施工机械领域。发展中市场资本投资持续成长，导致润滑油消耗量及保养週期增加。海湾石油润滑油印度公司在其2025年8月发布的「审核的财务业绩」中报告称，其B2B工业部门在截至2025年6月30日的季度实现了两位数的销售量增长，这主要得益于金属和基础设施行业的强劲需求。这一工业成长动能也与物流行业密切相关。欧洲汽车製造商协会（ACEA）在2025年1月发布的报告显示，2024年欧盟新厢型车销量成长了8.3%，显示商用车辆润滑油的需求依然强劲。

市场挑战

原油价格波动对全球基础油市场的稳定扩张构成重大障碍。由于矿物基础油是原油炼製过程中的衍生产品，其经济效益直接受到上游价格波动的影响。当原料价格飙升或出现剧烈波动时，炼油商和调和商的营运利润率会立即面临压力。由于长期合约的存在以及激烈的市场竞争，生产商往往难以立即将这些成本上涨转嫁给终端用户，迫使他们自行承担财务损失，并减少用于设施升级和扩建的资金。

这种金融不确定性导致市场环境谨慎，相关人员推迟采购并降低库存水准以降低价格下跌风险。这种波动从根本上破坏了成品润滑油的价格结构，抑制了对成本敏感的工业领域的需求。根据石油输出国组织（欧佩克）的数据，2024年欧佩克基准原油篮子的平均价格为每桶79.89美元。这种持续高成本结构迫使该行业在利润率较低的情况下运营，直接限制了其积极开拓新市场和扩大生产所需的财务灵活性。

市场趋势

在稳定原料供应和环境永续性的双重推动下，再生基础油（RRBO）的日益普及正在改变全球市场格局。与依赖易挥发原油开采的传统矿物油不同，RRBO 利用废油作为可再生原料，促进循环经济发展并显着减少碳排放。先进的回收和精炼技术如今能够生产高纯度的优质 II 类和 III 类基础油，其品质可与新油媲美，几乎消除了性能方面的担忧。 2025 年 11 月，Vertex Energy 在新闻稿中宣布，其位于阿拉巴马州莫比尔的炼油厂已开始生产一种新型 III 类再生基础油“VTX-R4”，以满足市场对永续、高性能润滑油配方日益增长的需求。

同时，电动车专用导热油的开发正在创造一个高价值的细分市场，弥补传统机油需求的下降。虽然电动车无需内燃机润滑油，但仍需要先进的介电液体用于电池温度控管，以及变速箱润滑油以维持安全性和效率。这一趋势正促使基础油製造商突破标准黏度特性的限制，优先考虑电气相容性和导热性，以支持电气化生态系统的发展。在2025年3月的一次投资者报告中，福斯集团强调了这个不断变化的市场环境的战略重要性，并指出全球电动车销量预计将在2024年超过1500万辆，这将为这些特种流体技术带来显着且独特的成长轨迹。

目录

第一章概述

第二章调查方法

第三章执行摘要

第四章：客户评价

第五章 全球基础油市场展望

• 市场规模及预测
  • 按金额
• 市占率及预测
  • 依原料（矿物油、合成油、植物油）分类
  • 依类型（第 2 组、第 1 组、第 3 组、第 5 组、第 4 组）
  • 依用途分类（机油、通用工业油、加工油、润滑脂等）
  • 依最终用途（汽车、工业、个人护理、其他）
  • 按地区
  • 按公司（2025 年）
• 市场地图

第六章：北美基础油市场展望

• 市场规模及预测
• 市占率及预测
• 北美洲：国家分析
  • 我们
  • 加拿大
  • 墨西哥

第七章：欧洲基础油市场展望

• 市场规模及预测
• 市占率及预测
• 欧洲：国家分析
  • 德国
  • 法国
  • 英国
  • 义大利
  • 西班牙

第八章：亚太基础油市场展望

• 市场规模及预测
• 市占率及预测
• 亚太地区：国家分析
  • 中国
  • 印度
  • 日本
  • 韩国
  • 澳洲

第九章：中东与非洲基础油市场展望

• 市场规模及预测
• 市占率及预测
• 中东和非洲：国家分析
  • 沙乌地阿拉伯
  • 阿拉伯聯合大公国
  • 南非

第十章：南美洲基础油市场展望

• 市场规模及预测
• 市占率及预测
• 南美洲：国家分析
  • 巴西
  • 哥伦比亚
  • 阿根廷

第十一章 市场动态

• 司机
• 任务

第十二章 市场趋势与发展

• 併购
• 产品发布
• 最新进展

第十三章 全球基础油市场：SWOT分析

第十四章 波特五力分析

• 产业竞争
• 新进入者的可能性
• 供应商电力
• 顾客权力
• 替代品的威胁

第十五章 竞争格局

• S-Oil
• ENEOS Corporation
• TotalEnergies SE
• Sinopec
• Calumet Specialty Products Partners, LP
• ExxonMobil
• SK Lubricants-Repsol
• ADNOC
• Rosneft
• Formosa Petrochemical Corporation
• Shanxi Lu'An Taihang Lubricants Co. Ltd.

第十六章 策略建议

第十七章：关于研究公司及免责声明

The Global Base Oil Market is projected to expand from USD 22.85 Billion in 2025 to USD 31.63 Billion by 2031, reflecting a CAGR of 5.57%. As the essential fluid medium for lubricant manufacturing, base oils act as the primary carrier for additives that ensure the smooth operation of engines and industrial equipment. Market growth is largely propelled by the broadening automotive sector and increasing necessities for high-performance lubricants within heavy industry. This demand is further bolstered by sustained industrialization in emerging markets, where machinery maintenance is critical to reducing wear and friction. Data from the China Association of Automobile Manufacturers highlights that cumulative automobile production hit 31.28 million units in 2024, signaling strong demand for automotive lubricants that directly supports base oil consumption.

Despite these favorable trends, the industry encounters significant obstacles tied to the volatile pricing of crude oil, the main feedstock for mineral base oils. Such price instability leads to unpredictable production costs, often compressing profit margins for refiners and blenders. Additionally, the rapid global transition toward electric vehicles presents a long-term risk to traditional market growth, as EVs eliminate the need for internal combustion engine oils, which currently represent a major share of demand. Concurrently, regulatory mandates aimed at lowering carbon emissions are forcing the industry to evolve, which may constrain the future growth potential of conventional mineral-based products.

Market Driver

The Global Base Oil Market is being reshaped by the escalating demand for high-performance automotive lubricants, as OEMs require advanced fluids to satisfy fuel efficiency norms and protect modern turbocharged engines. This requirement stimulates the uptake of premium Group II and Group III base oils, which provide enhanced thermal stability relative to standard mineral oils. This transition is financially critical for leading producers who are reorienting their portfolios toward these high-margin goods. For instance, in its December 2025 'Corporate Plan Update', ExxonMobil projected that higher-value offerings, including performance lubricants, would account for more than 40% of earnings growth in the Product Solutions segment by 2030, highlighting the strategic focus on advanced fluid technologies.

Concurrently, rapid industrialization and infrastructure expansion in emerging economies serve as vital volume drivers, specifically for heavy-duty hydraulic and gear oils utilized in mining and construction machinery. Developing markets are experiencing consistent capital expenditure, resulting in increased lubricant consumption and service intervals. Gulf Oil Lubricants India noted in its August 2025 'Unaudited Financial Results' that its B2B Industrial segment achieved double-digit volume growth for the quarter ending June 30, 2025, driven by strong demand from the metal and infrastructure sectors. This industrial drive aligns with the logistics sector; the European Automobile Manufacturers' Association reported in January 2025 that new van sales in the EU rose by 8.3% in 2024, maintaining essential demand for commercial fleet lubricants.

Market Challenge

The volatility of crude oil prices represents a major hurdle to the steady expansion of the global base oil market. Since mineral base oils are downstream byproducts of crude petroleum, their economic viability is directly tied to upstream price fluctuations. When feedstock prices spike or show erratic behavior, refiners and blenders face immediate strain on their operating margins. Producers often find it difficult to immediately transfer these increased costs to end-users because of existing long-term agreements and fierce competitive pricing, resulting in absorbed financial losses and diminished capital for facility upgrades or expansion.

This financial uncertainty fosters a cautious market atmosphere where stakeholders postpone procurement or reduce inventory levels to mitigate depreciation risks. Such volatility fundamentally unsettles the pricing framework for finished lubricants, suppressing demand in cost-conscious industrial sectors. According to the Organization of the Petroleum Exporting Countries, the average price of the OPEC Reference Basket was $79.89 per barrel in 2024. This persistently high cost base compels the industry to function with narrow margins, directly restricting the financial agility needed to aggressively chase new market openings or ramp up production volumes.

Market Trends

The increasing adoption of Re-Refined Base Oils (RRBO) is transforming supply dynamics within the global market, spurred by the twin necessities of feedstock security and environmental sustainability. In contrast to traditional mineral oils dependent on volatile crude extraction, RRBOs leverage waste oil as a renewable input, fostering a circular economy and notably lowering carbon footprints. Advanced re-refining technologies now enable the production of high-purity Group II and Group III base stocks that equal virgin oils in quality, effectively dispelling past concerns regarding performance. In November 2025, Vertex Energy announced in a press release that it had successfully launched production of VTX-R4, a new Group III re-refined base oil at its Mobile, Alabama refinery, specifically addressing the rising demand for sustainable, high-performance lubricant formulations.

At the same time, the creation of specialized thermal fluids for electric vehicles is establishing a high-value niche that offsets the reduced demand for traditional engine oils. Although electric vehicles remove the need for internal combustion engine lubricants, they necessitate sophisticated dielectric fluids for battery thermal management and reduction gear lubrication to maintain safety and efficiency. This trend is driving base oil producers to innovate beyond standard viscosity characteristics, prioritizing electrical compatibility and thermal conductivity to support the electrification ecosystem. In its March 2025 'Investor Presentation', Fuchs Group highlighted the strategic significance of this evolving landscape, noting that global electric vehicle sales were projected to surpass 15 million units in 2024, establishing a significant and unique growth trajectory for these specialized fluid technologies.

Key Market Players

• S-Oil
• ENEOS Corporation
• TotalEnergies SE
• Sinopec
• Calumet Specialty Products Partners, L.P.
• ExxonMobil
• SK Lubricants-Repsol
• ADNOC
• Rosneft
• Formosa Petrochemical Corporation
• Shanxi Lu'An Taihang Lubricants Co. Ltd.

Report Scope

In this report, the Global Base Oil Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Base Oil Market, By Source

• Mineral
• Synthetic
• Vegetable

Base Oil Market, By Type

• Group 2
• Group 1
• Group 3
• Group 5
• Group 4

Base Oil Market, By Application

• Engine Oils
• General Industrial Oils
• Process Oils
• Greases
• Others

Base Oil Market, By End-Use

• Automotive
• Industrial
• Personal Care
• Others

Base Oil Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Base Oil Market.

Available Customizations:

Global Base Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Base Oil Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Source (Mineral, Synthetic, Vegetable)
  • 5.2.2. By Type (Group 2, Group 1, Group 3, Group 5, Group 4)
  • 5.2.3. By Application (Engine Oils, General Industrial Oils, Process Oils, Greases, Others)
  • 5.2.4. By End-Use (Automotive, Industrial, Personal Care, Others)
  • 5.2.5. By Region
  • 5.2.6. By Company (2025)
• 5.3. Market Map

6. North America Base Oil Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Source
  • 6.2.2. By Type
  • 6.2.3. By Application
  • 6.2.4. By End-Use
  • 6.2.5. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Base Oil Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Source
      • 6.3.1.2.2. By Type
      • 6.3.1.2.3. By Application
      • 6.3.1.2.4. By End-Use
  • 6.3.2. Canada Base Oil Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Source
      • 6.3.2.2.2. By Type
      • 6.3.2.2.3. By Application
      • 6.3.2.2.4. By End-Use
  • 6.3.3. Mexico Base Oil Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Source
      • 6.3.3.2.2. By Type
      • 6.3.3.2.3. By Application
      • 6.3.3.2.4. By End-Use

7. Europe Base Oil Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Source
  • 7.2.2. By Type
  • 7.2.3. By Application
  • 7.2.4. By End-Use
  • 7.2.5. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Base Oil Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Source
      • 7.3.1.2.2. By Type
      • 7.3.1.2.3. By Application
      • 7.3.1.2.4. By End-Use
  • 7.3.2. France Base Oil Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Source
      • 7.3.2.2.2. By Type
      • 7.3.2.2.3. By Application
      • 7.3.2.2.4. By End-Use
  • 7.3.3. United Kingdom Base Oil Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Source
      • 7.3.3.2.2. By Type
      • 7.3.3.2.3. By Application
      • 7.3.3.2.4. By End-Use
  • 7.3.4. Italy Base Oil Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Source
      • 7.3.4.2.2. By Type
      • 7.3.4.2.3. By Application
      • 7.3.4.2.4. By End-Use
  • 7.3.5. Spain Base Oil Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Source
      • 7.3.5.2.2. By Type
      • 7.3.5.2.3. By Application
      • 7.3.5.2.4. By End-Use

8. Asia Pacific Base Oil Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Source
  • 8.2.2. By Type
  • 8.2.3. By Application
  • 8.2.4. By End-Use
  • 8.2.5. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Base Oil Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Source
      • 8.3.1.2.2. By Type
      • 8.3.1.2.3. By Application
      • 8.3.1.2.4. By End-Use
  • 8.3.2. India Base Oil Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Source
      • 8.3.2.2.2. By Type
      • 8.3.2.2.3. By Application
      • 8.3.2.2.4. By End-Use
  • 8.3.3. Japan Base Oil Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Source
      • 8.3.3.2.2. By Type
      • 8.3.3.2.3. By Application
      • 8.3.3.2.4. By End-Use
  • 8.3.4. South Korea Base Oil Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Source
      • 8.3.4.2.2. By Type
      • 8.3.4.2.3. By Application
      • 8.3.4.2.4. By End-Use
  • 8.3.5. Australia Base Oil Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Source
      • 8.3.5.2.2. By Type
      • 8.3.5.2.3. By Application
      • 8.3.5.2.4. By End-Use

9. Middle East & Africa Base Oil Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Source
  • 9.2.2. By Type
  • 9.2.3. By Application
  • 9.2.4. By End-Use
  • 9.2.5. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Base Oil Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Source
      • 9.3.1.2.2. By Type
      • 9.3.1.2.3. By Application
      • 9.3.1.2.4. By End-Use
  • 9.3.2. UAE Base Oil Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Source
      • 9.3.2.2.2. By Type
      • 9.3.2.2.3. By Application
      • 9.3.2.2.4. By End-Use
  • 9.3.3. South Africa Base Oil Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Source
      • 9.3.3.2.2. By Type
      • 9.3.3.2.3. By Application
      • 9.3.3.2.4. By End-Use

10. South America Base Oil Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Source
  • 10.2.2. By Type
  • 10.2.3. By Application
  • 10.2.4. By End-Use
  • 10.2.5. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Base Oil Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Source
      • 10.3.1.2.2. By Type
      • 10.3.1.2.3. By Application
      • 10.3.1.2.4. By End-Use
  • 10.3.2. Colombia Base Oil Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Source
      • 10.3.2.2.2. By Type
      • 10.3.2.2.3. By Application
      • 10.3.2.2.4. By End-Use
  • 10.3.3. Argentina Base Oil Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Source
      • 10.3.3.2.2. By Type
      • 10.3.3.2.3. By Application
      • 10.3.3.2.4. By End-Use

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Base Oil Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. S-Oil
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. ENEOS Corporation
• 15.3. TotalEnergies SE
• 15.4. Sinopec
• 15.5. Calumet Specialty Products Partners, L.P.
• 15.6. ExxonMobil
• 15.7. SK Lubricants-Repsol
• 15.8. ADNOC
• 15.9. Rosneft
• 15.10. Formosa Petrochemical Corporation
• 15.11. Shanxi Lu'An Taihang Lubricants Co. Ltd.

16. Strategic Recommendations

17. About Us & Disclaimer